In 2023, the world saw a big change in oil production. The total oil production was 81,804,000 barrels per day1. The top ten countries made up 72% of this, showing their huge role in oil1.
The United States led the way, making 13,308,000 barrels per day1. This made it the biggest oil producer in the world1.
The Largest Oil Producers in the World 2023
| Country | Flag | Daily Production (Barrels) |
|---|---|---|
| United States | 🇺🇸 | 19,377,358 |
| Saudi Arabia | 🇸🇦 | 11,400,389 |
| Russia | 🇷🇺 | 11,086,075 |
| Canada | 🇨🇦 | 5,658,653 |
| Iran | 🇮🇷 | 4,666,662 |
| Iraq | 🇮🇶 | 4,359,355 |
| China | 🇨🇳 | 4,202,198 |
| U. Arab Emirates | 🇦🇪 | 3,925,922 |
| Brazil | 🇧🇷 | 3,505,502 |
| Kuwait | 🇰🇼 | 2,910,908 |
| Mexico | 🇲🇽 | 2,042,040 |
| Norway | 🇳🇴 | 2,024,022 |
| Kazakhstan | 🇰🇿 | 1,892,891 |
| Qatar | 🇶🇦 | 1,773,772 |
| Nigeria | 🇳🇬 | 1,541,540 |
| Algeria | 🇩🇿 | 1,409,408 |
| Libya | 🇱🇾 | 1,272,271 |
| Angola | 🇦🇴 | 1,151,150 |
| Argentina | 🇦🇷 | 1,075,074 |
| Oman | 🇴🇲 | 1,050,049 |
Russia was second, making 10,126,000 barrels per day1. Saudi Arabia, a big OPEC member, made 8,950,000 barrels per day1.
OPEC countries, with 12 members, made 35% of the world’s oil1. The OPEC+ group, including more countries, made about 60% of the world’s oil1.
United States: Unparalleled Oil Production Growth
The United States has seen a huge jump in crude oil production lately. In 2023, it hit a record of 12.9 million barrels per day. This beats the old record of 12.3 million b/d in 20192. New tech like hydraulic fracturing and horizontal drilling has made it possible to find more oil.
Daily Oil Production in Major Countries (2023)
Source: Energy Institute
.
Permian Basin Driving Surge
The Permian Basin is leading this oil boom. It covers western Texas and eastern New Mexico2. This area is key to the US’s success in oil and gas production, making it a global leader2.
Efficiency Improvements and Longer Lateral Drilling
Even with plans to cut spending by 1% in 2024, US oil production is expected to keep rising. This is thanks to better tech and longer drilling. These changes help get more oil from existing wells, boosting US production even more.
| Key Statistics | Values |
|---|---|
| Total supply capacity expected to rise by 2030 | 113.8 mb/d3 |
| Share of new capacity increases from NGLs and condensates | 45%3 |
| Share of projected demand growth captured by non-refined fuel products | Over 75%3 |
| Global refining capacity increase from 2023 to 2030 | 3.3 mb/d3 |
| Global upstream capital expenditures increase in 2023 | 13% to USD 538 billion3 |
| Global upstream capital expenditures projected increase in 2024 | 7%3 |
“The United States, Russia, and Saudi Arabia collectively accounted for 40% of global oil production in 2023, with their combined output totaling 32.8 million b/d.”2
The US’s oil production growth, led by the Permian Basin, has made it the world’s top oil producer. This is thanks to new tech and better ways of drilling. It has even passed long-time leaders like Saudi Arabia2.
OPEC Heavyweights: Saudi Arabia and Russia
The big players in OPEC, Saudi Arabia and Russia, are making big moves in 20234. Saudi Arabia is cutting its oil production by 1 million barrels a day until June4. Russia is also cutting its oil production and exports by 471,000 barrels a day until June4.
Saudi Arabia’s Voluntary Production Cuts
Aramco, Saudi Arabia’s oil giant, has put off plans to increase oil production4. This is because of the push for green energy4. Saudi Arabia is cutting oil production to help keep prices stable4.
Russia’s Confidential Data and Export Reduction Plans
After invading Ukraine, Russia made its oil data secret5. But later, Russia agreed to share some data with certain groups5. Russia also cut its oil exports by 500,000 barrels a day in August5.
The moves by Saudi Arabia and Russia have changed the global oil market45. Their choices to cut production and keep data secret have affected oil prices45.
“The suspension of production capacity increase plans by Saudi Aramco is a clear signal that the global energy transition is underway, and oil producers are adapting their strategies accordingly.”
Saudi Arabia and Russia are key players in the future of OPEC+ and the global energy scene45.
Biggest Petroleum Producers in the World 2023
A few big names lead the world in oil production. The top five producers make up over 50% of the world’s oil in 20236. The U.S., Russia, Saudi Arabia, Canada, and Iraq are the leaders, according to the U.S. Energy Information Administration6.
The U.S. is now the world’s top oil producer, setting a new record6. In 2023, it produced 13.308 million barrels per day. This is 22% of the world’s oil7. Russia is close behind, producing 10.126 million barrels per day, or 11% of the world’s oil6.
Saudi Arabia, a key OPEC member, produced 8.950 million barrels per day. This is 11% of the world’s oil6. Canada and Iraq also made the top five, producing 4.990 million and 4.375 million barrels per day, respectively6.
Even with some spending cuts, U.S. oil production is expected to grow. This is thanks to better efficiency and new technology6. These top producers play a big role in the world’s energy scene6.
The future of the global oil industry depends on the big players’ choices and how much oil they can produce.
Conclusion
In 2023, the United States led the world in oil production8. It produced more than 13 million barrels of crude oil per day8. This was thanks to better drilling methods and more work in the Permian Basin.
OPEC countries like Saudi Arabia and Russia cut their oil production9. But the U.S. kept growing, making it hard for OPEC to control oil prices9. This change shows how the U.S. is becoming more important in the global energy market.
The U.S. is not just the biggest oil producer but also the biggest oil user8. In 2022, it used 19.1 million barrels of oil daily, more than China’s 14.3 million8. This shows the U.S. will keep being a key player in the oil industry’s future.
FAQ
What were the top 5 oil-producing countries in the world in 2023?
The U.S. Energy Information Administration reported the top 5 oil producers in 2023. The United States led with 13.308 million b/d. Russia followed with 10.126 million b/d. Saudi Arabia produced 8.950 million b/d. Canada and Iraq rounded out the list with 4.990 million b/d and 4.375 million b/d, respectively.
How has the United States solidified its position as the world’s leading oil producer?
The U.S. has been the top oil producer for six years. Oil production started rising in 2009. This was thanks to new drilling techniques.
In the Permian Basin, oil and gas production soared. Better drilling methods will keep U.S. oil production high.
How have OPEC heavyweights like Saudi Arabia and Russia responded to the U.S. oil production growth?
Saudi Arabia’s plans to boost production to 13.0 million b/d by 2027 were canceled. In 2023, Saudi Arabia’s oil production fell by 900,000 b/d. This was due to OPEC+ cuts and Saudi’s own voluntary cuts.
Russia also cut production. In November 2022, it joined OPEC+ in announcing cuts. In February 2023, Russia made additional cuts of 500,000 b/d.
What is the current state of global oil production and the role of the major producers?
The U.S., Russia, and Saudi Arabia together produced 40% of the world’s oil in 2023. They produced 32.8 million b/d. Canada, Iraq, and China followed, producing 13.1 million b/d.
These five countries made up over 50% of global oil production in 2023. The U.S. remained the leading oil producer.
Source Links
- List of countries by oil production
- The United States Leads the World in Crude Oil Production – Mansfield Energy
- Executive summary – Oil 2024 – Analysis – IEA
- Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June
- Saudi Arabia, Russia to extend cut in oil production of one million barrels a day | Africanews
- The Top 5 Oil Producers of 2023
- Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA)
- The U.S. Still Leads In Global Petroleum Production & Consumption
- U.S. Oil Production Extends Massive Lead Over Russia And Saudi Arabia